Venezuela: It's All About the Oil
Venezuela, one of the world's biggest oil producers, faces spiralling inflation and food shortages as the economy lurches into crisis. But why?
Venezuela, the richest oil economy in Latin America, is facing spiralling prices and shortages of food in the shops. With inflation at 45%, it now has possibly the world's highest inflation rate. We hear from ordinary Venezuelans about what it is like coping with the situation, and from the government about their plans to boost industrial production. We speak to Gustavo Coronel, former head of PVDSA - the Venezuelan state oil company - who tells us that the government's cash reserves are running out. The late President Hugo Chavez promised to transform the lives of Venezuela's poor. Is the latest crisis threatening to undermine that pledge?
(Photo: A mural of late President Hugo Chavez adorns a supermarket wall as customers shop in Maracay, Venezuela. Credit: AP)